Morgan Stanley analyst Vance Edelson reports that construction data shows the new apartment supply in SF is expected to increase by only 15,000 units in 2016-2017.
Right now, the forecasts point to 145,000 new jobs in the Bay Area. 145,000 new jobs versus 15,000 new units is a ratio of 9.4x.
Morgan Stanley calculated that in low home-ownership markets, like the Bay Area, a traditional ratio is four jobs for every apartment, or a 4x ratio.
In 2015, the job/supply ratio was 8.9x, according to the note.
So it's getting worse, not better.